Union Budget 2024–25 UPSC: Live Updates: Presented by the Finance Minister, the Union Budget 2024 represents a calculated attempt to promote inclusive development, financial discipline, and environmental sustainability. To increase economic activity and generate employment, the budget this year stresses significant infrastructure spending. Reflecting the government’s dedication to enhancing social infrastructure, it also distributes large amounts to the education and healthcare sectors. Tax reliefs and simpler loan access help small and medium-sized businesses (SMEs), hence fostering innovation and entrepreneurship.
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Union Budget 2024–25 UPSC Live Updates
With subsidies for renewable energy projects and electric vehicle acceptance, the budget also brings policies meant to hasten the green energy transition. Fiscal discipline is maintained to lower the fiscal deficit so that social welfare programs keep helping the less fortunate segments of society. The Union Budget 2024 lays a firm basis for India’s future development by aiming to balance economic stability with growth ambitions, therefore ensuring balance
Live updates for the Union Budget 2024 Following the tabling of the Economic Survey, Finance Minister Nirmala Sitharaman is scheduled to announce the Union Budget 2024-25 today. Presenting before Parliament at 11 a.m., the Union Budget will be the first one of Prime Minister Narendra Modi’s third term. As finance minister, Nirmala Sitharaman will be marking her seventh straight budget, surpassing the record set by former Prime Minister Morarji Desai who presented five regular budgets and one interim budget. Manmohan Singh, the former prime minister, presented five budgets in succession; Pranab Mukherjee likewise presented five consecutive budgets.
Union Budget 2024–25 UPSC
The Union Budget 2024–25 is a very important document in the UPSC examination process since it comes into nearly every stage of the examination process. The UPSC Prelims, for instance, tests facts regarding the budget. In the UPSC Mains, mainly, it gets covered under GS Paper 3, while in the interview, there might pop up certain analytical questions.
| Date | 23 July 2024 |
| Union Budget Prepared By | Department of Economic Affairs (DEA), Ministry of Finance |
| Components of Union Budget | Revenue Budget and Capital Budget |
| Parts | Annual financial statement and Demand for grants |
| Vision | Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all |
| Total Expenditure | Updated soon |
| Fiscal Deficit Target | Updated soon |
| Major Allocations | Updated soon |
| Tax Proposals | Updated soon |
| Social Schemes | Updated soon |
Union Budget 2024-25 in Hindi
इस साल मानसून सत्र में बजट पेश किया जा रहा है, लोकसभा चुनाव के कारण अंतरिम बजट फरवरी में पेश किया गया था। 22 जुलाई से शुरू होकर 12 अगस्त तक चलने वाला मानसून सत्र 19 बैठकों में चलेगा। पीएम मोदी ने बजट पर टिप्पणी करते हुए कहा कि यह "अमृत काल के लिए महत्वपूर्ण बजट" है। हमारे जनादेश के अगले पांच वर्षों की दिशा हमारे बजट से तय होगी। इस बजट में "विकसित भारत" की हमारी महत्वाकांक्षा को भी एक बड़ा आधार मिलेगा.
The budget is being presented in the Monsoon session this year; the Interim Budget was presented in February due to the Lok Sabha elections. Beginning on July 22, the Monsoon session runs through 19 sittings till August 12. PM Modi commented on the budget that it is an “important budget for Amrit Kaal.” The direction of the next five years of our mandate will be determined by our budget. Our ambition of “Viksit Bharat” will also find a great basis in this Union Budget 2024–25 for upsc.
Process for Union Budget 2024-25
| Step | Description |
| Halwa Ceremony | Marks the start of budget printing, occurring five days before the presentation. |
| Budget Printing | Officials involved in printing undergo a lock-in period with no outside contact. |
| Meeting With President | The Finance Minister seeks the President’s approval before presenting the budget in Parliament. |
| Cabinet Meeting | Union Cabinet meets at 10 AM on budget day for final approval. |
| Finance Minister’s Speech | Delivered in the Lok Sabha, outlining the government’s financial plans and targets for the year. |
| The passing of Finance Bill | General discussion in Parliament follows the Finance Minister’s speech. |
| Departmental Scrutiny | Parliamentary committees examine the demands for grants. |
| Voting on Demand for Grants | Lok Sabha members vote on each grant demand; no voting on expenditures from the Consolidated Fund. |
| Passing an Appropriation Bill | Authorizes withdrawal of money from the Consolidated Fund of India. |
| Passing of Finance Bill | Enacts the government’s financial proposals for the coming year. |
Nirmala Sitharaman will introduce the Budget today at what time?
The Budget will be presented before Parliament today at 11 a.m. by Finance Minister Nirmala Sitharaman. According to experts, the Budget is probably going to give capital investment through Indian Railways and roadways significantly more importance.
How to watch Union Budget 2024 live?
Sansad TV carries the Union Budget 2024 address for viewing. Hindustan Times lets you also follow all the important Budget announcements, highlights, and analysis.
About the condition of the Indian economy, what did the Economic Survey report?
The Indian economy was said in the Economic Survey to be strong among geopolitical challenges and to have a “strong wicket and stable footing”. The Survey noted, “The Indian economy is on a strong wicket and stable footing (and) exhibiting resilience in the face of geopolitical threats. Post-Covid recovery has been consolidated by governments both fiscally and monetarily, therefore guaranteeing financial stability.”
Union Budget 2024-25 Expectations
The Economic Survey’s eight most significant observations on the Indian economy follow here:
- The predicted yearly GDP growth for India falls between 6.5% and 7.0%.
- Some quality goods still show considerable inflation.
- World conflicts will keep upsetting supply and probably affect the Reserve Bank of India’s (RBI) posture.
- Local demand will keep supporting industry expansion in India, the Survey observed
- India has to give local resources for investment and development more and more top priority.
- The private sector also has to learn better about its obligations and increase research and development expenditure.
- Making Indian manufacturing competitive is absolutely crucial, the Survey reported.
- 8.7% is the urban unemployment rate of the nation. January and March 2024
What assessment of the Indian economy did the CEA offer?
Though there are various possible risk factors to take into account, Chief Economic Advisor V. Anantha Nageswaran predicted the Indian economy will meet the 7% growth objective described in the Economic Survey. “While 7 percent is eminently doable, there are some risk factors given the way the monsoon has shaped up and financial markets risks are rising in the developed world with spillover effects on India and the geopolitical environment,” Anantha Nageswaran said.
He said, “Monetary policy transmission is obvious in reducing core inflation; inflationary pressures in India are under control. Measures of proactive fiscal and monetary policy helped to control variance from the inflation objective. There will be no excluding any economic strategy; we need manufacturing, and exports, all taken together. The way world events are developing, we are not privileged to be able to pick one path.
Regarding China, what did the Economic Survey state?
According to the Economic Survey, India should either encourage foreign direct investment (FDI) to increase world exports or merge into China’s supply chain. The Survey observed, “Among these options, concentrating on FDI from China seems more viable for expanding India’s exports to the US, similar to how East Asian economies did in the past. Using the FDI approach seems to be more wise than depending on commerce.
What comments on the Economic Survey did PM Modi make?
Posting on X (previously Twitter), PM Modi said, “The Economic Survey emphasizes the prevailing strengths of our economy and also demonstrates the consequences of the various reforms our Government has made. It also points up areas needing more development as we work to create a Viksit Bharat.
You can learn more about the union budget 2024-25 Live Updates at official website i.e. indiabudget.gov.in
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